Home › Forums › Credit Reports & Scores › Which credit score is most accurate?
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July 3, 2023 at 7:49 pm #8610Geoff MassanekModeratorJuly 5, 2023 at 7:54 pm #8788Team StellarFiKeymaster
To figure out the accuracy of a credit score could be misleading. Credit scores are calculated based on the information in your credit reports. This information is provided by creditors and lenders with whom you have active credit accounts. Credit reports are made by credit bureaus that compile all your credit history. So, your credit score could be inaccurate if there are errors in your credit report or if some information is yet to be reported.
This is why it helps to regularly review your credit reports from the three widely used credit bureaus – TransUnion®, Equifax®, and Experian® – and dispute any errors you see in them. Credit scores also keep changing over a period of time based on the credit activity being reported and the scoring models being used. The two most widely used credit scoring companies – FICO® and VantageScore® – have individual factors based on which they calculate scores. FICO is used by 90% of the lenders and VantageScore is used by nine out of ten American banks. Different versions of the scoring models are used for different purposes at different times. This also affects how your credit score changes. So, in order to understand the changes in your credit score, it is important to understand what kind of information is being reported to whom, by whom, and when.
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